Saudi-listed Arabian Shield Cooperative Insurance is exploring a merger with Alinma Tokio Marine Insurance Company. 

The two Tadawul-listed companies said they will conduct operational, technical, financial and legal and actuarial due diligence of the merger and consider the share-for-share exchange ratio for shareholders of the companies. 

Riyadh-based Arabian Shield said that all employees of the merging entity are expected to be absorbed into the surviving entity and that there will be no enforced redundancies. 

(Writing by Imogen Lillywhite; editing by Cleofe Maceda)